The value of the euro has also been hit by worries over growth prospects for the eurozone and whether it can tackle the current debt crisis.

"Every single central bank except for the Fed is easing, and until that happens we expect the dollar to stay supported," George Saravelos, currency strategist at Deutsche Bank, told the Reuters news agency.

"The euro is likely to weaken further as it will be hurt by the ECB's decision to cut the deposit rate and there will be a shift in funding."